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The Ghost of Deflation Past. CEPS Hi-level Brief, 13 December 2013

Mayer, Thomas (2013) The Ghost of Deflation Past. CEPS Hi-level Brief, 13 December 2013. [Policy Paper]

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    This note takes a look at the development of monetary aggregates and debt in the G7 (US, UK, France, Germany, Italy, Canada and Japan), plus non-G7 euro-area countries, which have an important bearing on the future development of price levels. It also discusses the problem of restoring external competitiveness in the weaker euro-area countries without aggravating their debt burden. The key conclusions are i) monetary and debt developments in the G7 countries point to relatively sluggish growth but do not signal deflation risks and ii) the realignment of ‘internal real exchange rates’ in the euro area will most likely come through a rise in prices in Germany (and a few other stronger countries). The lessons learned in the early 1930s have made a come-back of deflation quite unlikely.

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    Item Type: Policy Paper
    Subjects for non-EU documents: Other international institutions > G7/G8/G20
    EU policies and themes > Policies & related activities > economic and financial affairs > monetary policy
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > CEPS High-Level Briefs
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 16 Dec 2014 14:06
    Number of Pages: 9
    Last Modified: 16 Dec 2014 14:06

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